How Does One Locate Bank Accounts Around The World?

Seeking international resources for bank account locations around the world can be illegal. While it is not illegal to have an account or hold money abroad, the Patriot Act and IRS regulations require very specific procedures to place money internationally. This is to assure you are not laundering funds, engaging in illegal activities or avoiding taxes.

Countries with Foreign Bank Accounts

Even though some offshore accounts are illegal, there are hundreds of countries looking to attract business from Americans. As such, these countries offer incentives to do business there. They may offer tax free options and low entrance costs. European and Caribbean countries are often the most used for foreign bank accounts.

How to Report Taxes on Foreign Bank Accounts

Whenever a U.S. citizen makes money, that citizen needs to report the earnings to the IRS. There are double-taxation treaties in place with most foreign banking centers, meaning you will only have to pay taxes on the income once. There may also be deferral options for you to withhold your taxes until you bring the money back into the United States. In all cases, you should ask your lawyers and accountants about the best procedures to avoid any illegal activity.